Automation and the Future Economy￼
Technology has come a long way, and it has been here for long enough now, with inventions moving from one leap to the other. The menace of having to deal with a future where jobs will be a problem has been around for almost as long as technology has. When you look into our economic past, it is apparent that the trend of technologies taking over human work is bound to continue into the future. This might happen soon enough, and with significant disruption to the economy.
But could there be a way of looking at the entire issue from a different perspective? Say in a case where future jobs are automatable rather than automation taking over? Even though AI means robots are growing clever, which the machines have done over time, it is still obvious that some tasks are still beyond the cognition of robots. And some of the most straightforward tasks have proved difficult enough for robots so far.
Quite apparently, since you cannot expect these machines to perform as humans would, it will be safe to say humans might find it difficult to understand just how difficult it may be to carry out these tasks. But this is one of the most crucial steps to start with since machines can be a reflection of the current economic system. On the flipside, manual jobs remain the most poorly paid, and these include duties like bussing tables, emptying bedpans, cleaning hotel rooms, and other similar tasks. But robots are best at middle-class level jobs like accounting and payroll.
The level of technology contribution in the widening of the income gap in the U.S. remains a controversial issue yet. For some economists, this is just but another factor, but for others, this is the bottom line. When technology and unemployment are on a collision course, there could be a severe problem for everyone, and policies should come into place. However, if we take it as unrealistic to think that intelligent machines could be stopped, then it is more likely as impractical to believe that smart policies could save the day. And the sad part is that once it is all lost in making a choice for the right approach to use robots, recovering could prove to be a challenge.
It is apparent that as much as technology has seen humankind through a maze of many achievements, if not well handled, this very aspect could spell disaster for the human race. Embracing an approach to bridging AI and workforce to get the best results could be the best solution. This would help more than trying to fight the intelligence of these machines in hopes of making things any better down the road. However, it all boils down to the approach that society goes for, which could either make or break the effect that AI and automation could have in the job environment.
Since automation is threatening to take over what workers have been clinging onto all this while, there is the need to find a way to go around the inevitable problem. The current state of events is putting future generation chances for jobs at a considerable risk, and it is apparent people are becoming increasingly worried over the advance in automation. This is imminent since there is a need to replace jobs that people have lost along the way. Lack of this measure could lead to an identity crisis and other adverse effects.
The focus of this menace is about asking what humans can do with the help of better thinking machines than asking what human jobs that robots could take over. It is thus essential that the risk of automation is reframed into an opportunity for augmentation, but what is the latter includes. The concept behind development is all about looking at what humans are doing, and how it could be deepened with the use of machines rather than diminishing it. With this, more job opportunities can be created with the use of machines rather than workers losing their chances with automation. And this comes down to five practical steps that one should take.
The first step to achieving the best could be in looking for ways to realize higher intellectual ground. People with advanced thinking and advanced abstraction levels that outweigh computers can always have opportunities to pursue. This means leaving things that are beneath humans to the machines while the people go for higher-order concerns instead.
Stepping aside approach involves using mental strengths that are out of the purely rational cognition level, and instead of going for the “multiple intelligences” aspect. This could be more of an interpersonal or intrapersonal thing, including understanding how to work well with others and further understanding strengths, interests, and goals. Stepping in involves being able to understand how you can monitor and modify how computers work. Although the machine can take on the task of tasks, accountants can look for any mistakes that might be made by the automated programs and the users of the systems.
Step narrowly approach is all about looking for a specialty in one’s profession that can be economical if automated. This opportunity offers a great way to strike numerous deals that would otherwise be difficult to achieve. Since people design great machines, the step forward approach is all about creating the tools for the next generation of AI and computing. Today’s inventions in this field may seem advanced, but there is still the need to invent for tomorrow, maybe for a different purpose than present automated aspects. The human need for better systems is almost insatiable, and this means more opportunities for invention, and jobs as well.
Employers need augmentation not only to ensure sufficient flow of job opportunities but also to overcome the rooted perception of automation mindset. However, employers should be convinced of the importance of the combination of computers and machines if augmentation is to succeed. The best thing to do is look beyond the perception that machines and people are substitutes and embrace the use of both on the same platform.
While globalization is nothing new, it is undeniable that this trend is rooted in several factors. It goes without saying that globalization comes with numerous benefits, but also packs a fair share of drawbacks as well. This aspect largely emanates from automation and connectivity, which has seen major revolutions in the tech world like the mobile internet. There is also a considerable gap developing between the winners and losers in the labor market, and these inequalities call for added attention. Such discrepancies are evident in industrial aspects, especially the manufacturing industry. The trend has remained unchanged for years. Skilled workers are getting the best of automation, while middle-class workers struggle with unchanging income and other effects of automation.
Quite often, workers’ and skill displacement is all blamed on globalization, with the aspects of trade imbalance and lack of confidence in the ability of this factor to lead to economic growth. For many, the technological change poses more of a negative impact on the economy than a positive one. But the truth is we need to go further to understand the trend better. This can help in revealing where the industrialized societies are failing when it comes to adapting to technological changes that affect the workforce.
In essence, the society needs to adapt from working to embrace the aspect of creating the job, organizing and supervising it if we are to keep the economy moving and avoid inequalities in the society. If nothing is done fast enough things can only get worse with time. With all these changes happening, disruption of the business models as we know them might be inevitable and industries could as well suffer a similar fate. And this could go from manual workers and stretch all the way up to the most skilled personnel.
Another thing that needs to be attended is the lack of adapting, which is seriously eating into the society’s ability to make the most out of the opportunities that these technologies have made available. Such technological inputs can help boost education and health care with the progress that can help bring rise to further economic growth.
One of the best things to do is counter the negative effects of this disruption through increased investment in infrastructure and balance in trade agreements. Besides, enhancing the better environment for business creation can also go a long way to solving this problem once and for all. Above all, the inability to adapt to the changes in the technology as far as the workforce is concerned is among the things that need more attention.
This can come easily if society can focus on adoption, retraining as well as redirection of the labor force. Another approach that will be beneficial is redesigning of education and career systems, which are at the center of the former industrial models. With these necessities at hand, humanity has to consider investing, which calls for collaborations in governments and educational institutions as well as a corporation in these sectors.
The realization that artificial intelligence is probably headed to taking over jobs and doing virtually everything is becoming a cause for panic among many people. However, the reality can be quite different; all it takes is the right measures to make the most out of this tech rather than letting it render millions of people jobless.
Take, for instance, companies that are using artificial intelligence in most of the functions within, but still are creating entirely new opportunities for human labor. In these cases, the “influencers” are sourced from social media, especially people who have a significant number of followers. After analyzing the candidates, the company can then work with AI giants to bridge the influencer whose followers match the traits of the audience that the company in question is seeking.
Eventually, these brands can pay influencers to feature their products, which end up creating a completely new and reliable area of jobs. And this is not all, the use of AI is headed to inventions that are not existent today, as it has already done in the past. One of the new jobs this technology has created is the engine optimization position. All thanks to the internet, such unforeseen jobs and others have become a reality, and the chances are opening further along the way.
As the advancement of AI carries on, the technology will help people learn to cope and prosper in this way of life. In this respect, AI classes are developed and taught to students to help them understand how it can be used for the benefits of everyone. This includes the technology helping you find any new jobs resulting from its use as well as understanding how to react to the ever-changing job markets, which will help reduce the rate of unemployment rather than worsening the situation, hopefully.
In the AI age, people will learn to focus on the jobs that utilize certain human strengths as creative thinking, social interaction, decision-making as well as the ones that require empathy, complex inputs, and questioning among others. After all, artificial intelligence can’t think about data that is not present in the system, which is a capability bestowed in humans only. According to AI proponents, the technology will collaborate with humankind more than it is capable of becoming competition.
For instance, the software can work by listening to the conversation in a conference room and searching the internet for related information content, and then it can provide the information on request. Proponents go further to state that AI can bring on board more information to people, which can be helpful in making better decisions, and taking human civilization to the next level.
Artificial intelligence is believed to be both good and bad to an extent in each respect. Whether it is a robot serving you at the gas station or AI technology taking away your job in the office, there will always be something to love about this tech as much as we might feel like running away from its engulfing grasp. But the bottom line is the fact that AI is not here to stop economic development, only to make things better for us, all that matters is the approach we take towards incorporating the tech into our lives and every aspect of our economy.
Automation is advancing in almost every aspect of today’s world, and most people are afraid of this technology taking over their jobs. And despite the fact that changes seem inevitable in the most physical professions, knowledge-based jobs are believed to be on the line. However, the only question that remains crucial is whether automation can do more good than harm. But there is good news; this technology could be useful in transforming the business world for the better.
Evaluating hard labor can offer an insight into just how essential the use of machines can become with time. Sometimes people are faced with errands they have to run either at home or anywhere else. But these duties could turn out to be backbreaking, and you might have to call someone to get the job done. However, the cost you will undergo in paying for the job is a set back on its own, and you will have to be there to oversee it.
So you end up spending as much time as you would in managing the results you wanted. You can avoid all this by using a machine and doing the task without having to wait. This shows that although elimination of jobs by these machines is taken negatively, there is a light to it in the long term. The reality, however, is that automation is bound to bring more prosperity in society in several ways.
Highly educated workers can take on the job of developing these machines, while the less skilled counterparts use the machines in boosting productivity in the job. This strategy will lead to better output per any unit. The use of machines can bring a positive disruption of the economic status quo, which can be achieved by strategizing. Finding new ways of doing things can lead to success. So there needs to be a replacement of the production processes to bring value instead of managing costs. This is all about doing something unique and outsmarting your competitors.
The perception that you need to solve an existing problem to succeed might mislead you. Instead of looking for the problem to solve, take the unbeaten path and look for a non-existent problem. Stay clear of existing processes and products, where all you do is brainstorm on ways of improving on what has been done. Rather, it is better to create a new value that requires focusing less on what the others are doing and looking for something that you can do instead. These approaches are crucial for avoiding stepping right into the competitive environment and taking a different perspective that can help you beat the odds.
And while focusing on this trend is crucial, you still need to make sure you are not throwing away money trying to minimize the costs. Bringing automation on board with the combination of these tactics will help you perform rather than leading to the loss of jobs. There is a need for preparation to take on any cases of workers displaced by artificial intelligence and robots taking over human labor. With this technology under fast development, the potential to disrupt the livelihoods of many Americans is seemingly inevitable. And although this will not be a small deal, the country is in preparation to make sure any replaced workers do not suffer in the aftermath, which calls for better social safety measures.
According to a report by the U.S government, the use of aggressive policy action can help in fighting the condition that automation might leave in its wake. This means working in three prominent areas for the government to be ready for the wave of job displacement that will most likely be the result from the use of automation. One of the best ways is funding research aimed at learning AI and robotic fields in the U.S to keep the country’s lead in the technology industry globally. The government can use this research to gain support for a wide range of workforce as well as focusing on fighting algorithm bias as far as artificial intelligence is concerned.
The other way is investing in as well as an increase in STEM education targeting the youth and retention of jobs for the adults in fields that have anything to do with technology. Computer science for students and expansion of workforce nationwide can also be used through investing to help workers in America stay competitive in the worldwide economy. Modernization and strengthening of social networks at the federal level through means like public health care, welfare, and food stamps as well as unemployment insurance can also go a long way.
Besides, the report advocates for an increase in the minimum wage, stronger unions, and payments for overtime as well as enhancing the bargaining power of workers. However, the current government’s policies are not consistent with these recommendations, with some discrepancies in areas like public education. It is worth noting that this approach significantly touches on a better understanding of computing among other AI-related aspects. The government will need to do more than it is already doing if it wants to achieve the recommendations laid out in the report. This can be crucial for achieving better understanding on how to counter human labor replacement by machines and the effect this trend might have on the country in the end.
As recommended in the report, policies will help in facing the complexities of social services. This approach will be essential in protecting millions of Americans from imminent displacement as robotics and automation, as well as artificial intelligence. Besides, the government needs to monitor the support of the competition in the artificial intelligence field.
This comes into play when you consider the fact that companies that have the most data are capable of creating the best products. Eventually, such a trend can inhibit startups from gaining a much-needed competitive edge, and as it turns out, such starter enterprises are the backbone to creating more jobs that can cover the gap resulting from robot replacement.
Artificial intelligence has been with us for years, from the Egyptians’ automatic water clocks to today’s robots. The contemporary technology in the industrial revolution extends as far back as the 1800s. But the trend is headed for the next level with automation affecting the current processes and its programmable logic changing almost everything.
One of the things that this technology is good at is the opportunity that tech has created with the chance of achieving greater results. Such tasks can be impossible, dangerous or outright difficult for humans. Besides, robotics has offered an opportunity to automate complicated tasks just like humans would do. These ideas can help to identify a transaction with the risk of fraudulence especially on a customer’s patterns of credit card spending.
Moreover, sensors in objects we use on a daily basis contribute to positive results of machines. Lights in air conditioners, televisions, and other tools are among the best sensors to get in touch with your appliance. Not to mention, these sensors are great when it comes to tracking speeding cars as well as helping identify how many spaces are available in a vast parking lot.
Driverless cars, chatbots, and 3D printing machines are among the other aspects where robotics is becoming essential by the day. This tech is not only making life easier for humans but also enhancing productivity and most other aspects as well. The hard reality, however, is the fact that as much as automation can affect our lives for the better, it can also turn out to be a challenge altogether. One of the setbacks that this technology can present to humanity is the scarcity of jobs.
If there is a massive shift towards adopting autonomous cars, for instance, then the loss of jobs for most drivers might be inevitable. Nevertheless, this will most likely come with a low-cost opportunity for starter investors to get into the business and get a livelihood out of it. Not forgetting, software engineers can also find an opportunity for new jobs, especially when it comes to programming and data analytics for these cars. Another aspect faced with uncertainty is the customer service representatives who risk losing their jobs to chatbots. But this could also turn out to be a great chance for service delivery customers and people practicing data science analytics.
This is because tech will lead to the need for complex programming as well as artificial intelligence, which can similarly create job opportunities on one end despite overriding others on the opposite side. In the history of the industrial revolution, there has been the creation of jobs and replacement of others. And as technology goes to the next level, the same will most likely recur. It is safe to expect automation to come with benefits and downsides to it as well. It looks like robotics are not out to push humanity to the edge, but most likely create as many opportunities as it takes away. The best thing to do is brace for change and be prepared to take it on.
The Future of Automation
Many firms are turning to automated workers; from hospitals to stock markets, to law firms. So how is this process going to affect the human workforce—or you, for that matter? You have heard so much about how robots will take your job away from you, but what is going to happen? Whose job is at risk? What will your workplace look like in about five to ten years? This is what experts have to say.
According to reports, 47% of US employees are at a risk of having their jobs automated. The same case applies to 35% of employees in the UK. The threat is even higher in developing countries as two-thirds of workers are at a risk of being replaced. The issue of automation stealing jobs is not exactly new. A finance professor at the University of California, Bhagwan Chowdhry, says that this is not the first time that automation is happening. He talks of the shifts that occurred during the industrial revolution. Automatic looms and other machines replaced human weavers in factories.
The main difference this time, however, is the fact that it will affect not only blue collar workers but also many other white collar workers. The common thought is that low-skill, low-wage jobs like cashiers or warehouse workers are at the most risk. Nevertheless, robotization may affect middle-income jobs like inspectors, junior lawyers, security guards, office workers, chefs, and clerks. According to Carl Benedikt Frey, the transition pains are of more concern. The jobs that will be automated will need a different set of skills from the ones being created. The primary challenge is ensuring that the displaced employees find something else to do. Is it the responsibility of companies pursuing automation to help replaced employees acquire new skills? This is beyond the company’s alone—it should start in school.
The current education structure may be unfit for purpose in an environment where technology is rapidly changing. One primary problem is that the training, education and political training institutions are not being updated to keep up with technological growth; and a lot of people will end up being left behind. In the workplace, employees will also continue to attain new skill sets instead of using the old ones throughout their entire career—which could become obsolete. The difference between learning and work might become more amorphous. With the current dichotomy, those who work will not need to learn and those who learn are not working. Now is the time to reevaluate the traditional five-day work week and adopt one where they work 60% of the time and learn 40% of the time.
According to a particular research by McKinsey and Company, less than 5% of jobs can be fully automated by current technology. This is because; most occupations are too changeable and varied for robots to assume all the tasks. 60% of jobs could have a third of their activities automated. So technically, many people will keep their jobs, but they will have to do them differently. Robots will not replace you; they will compliment you, learn how to work with robots. There are many tasks that machines cannot perform at this point in time. There will be a rising demand for negotiating, caring, and nurturing skills among others. Machines could handle the tedious and repetitive habits and make humans’ jobs more human.
Today, a good number of parents would not like their kids to follow in their career footsteps; not because they are unhappy or unsuccessful, but because they feel that future job prospects in their areas of practice are bleak because of automation. Automation includes both artificial intelligent software programs and mechanized robots. It is expected to eliminate 6% of US jobs in the next five years. Everyone needs to be worried; not just low-skilled workers.
The insurance industry is already feeling the effects of automation. Fukoku Mutual Life Insurance in Japan has, in the recent past, replaced 30 of its medical insurance claims representatives with an Artificial Intelligence-based system based on IBM’s Watson Explore. The software can examine and decipher data, and that includes unstructured text, audio, images, and video. First it was the ATM that took human banking jobs, followed by the smartphone app. Most probably, the remaining human-based representative and teller banking jobs will be rendered obsolete by Al, not only will Al conduct cash transactions, but it will also process loans and open accounts for less than half the time and cost.
Financial analysts were once thought to be indispensable to a company, given their keen eye that could spot a trend even before it happened, enabling institutions to make adjustments to their portfolios and make billions of dollars. However, they cannot even come close to Al financial analysis software efficiency. Financial analysts’ jobs may even be the worst hit. Manual labor jobs will not be spared by automation. Robotic bricklayers are almost being introduced to construction sites, and each one might replace two or three workers. SAM (Semi-Automated Mason) can lay up to 1200 bricks in a single day, compared to a human worker who can only do 300-500. Human workers will still be needed to work with SAM, but the machine will lead to the laying off of workers.
Very soon, a robot will replace the employee restocking goods in the supermarket aisle. And since the robots are quite advanced, they can take over tasks that previously needed a pair of eyes like managing inventory on the store shelf. Artificially intelligent robots that carry out almost every task on a farm are very likely to replace farmers. In Germany, a family-owned dairy farm became among the first to incorporate Voluntary Milking System robots. Cows walk up to the machine when they want to be milked. Traditional taxi drivers are already feeling the pinch from services like Lyft and Uber.
However, the three are about to watch their jobs disappear as autonomous vehicles take over. Many politicians love to say how they restore manufacturing jobs in the US, but that is not about to happen. Even China will see robots take over jobs that once belonged to humans—as a matter of fact, that is already happening. It turns out that Al can do a pretty good writing job and future content sites might do just fine without the help of human writers. It is also possible that you start seeing actors looking very young in movies; just as they did when they first appeared on the screen. To some extent, it might become possible to resurrect deceased actors from the dead with artificial intelligence.
Computers have developed over time to reach today’s advanced technology that you can count on to carry out a large number of functions. This trend is called the digital revolution, but the reality is that it is becoming a part of our everyday life. From our basic theories to language and perception of how things operate, computers are having a major effect on human life now than ever before. Most people believe that this means the world is more of a computer, which can be coded as computers are. But computers are taking things to another level with an advance in the aspect of artificial intelligence.
One of the factors where computers are elevating is coding. Coding is perceived to be logical, hackable, and the destiny of our advancement. This is because coding is more than just about computers, but more of the design of life form itself. You might like this reasoning or think it is not reliable, or whether you are among the coding elite who are taking the lead from phones to computers, you don’t have to worry. The good news is that computers are becoming more intelligent nowadays than they ever have. It is believed that these machines are starting to take a completely different turn with a new language, which is proving difficult for the best coders to crack.
Recently, some of the biggest companies have taken to the forefront in the pursuit of machine learning. Formerly, engineers would use conventional programming where one writes explicit sets of instructions that the computer can follow. But machine learning is different and better. This approach does not include encoding instructions; it is more about training the machine. For instance, in case you are training a neural network on recognizing anything, all you need to do is present photos of what you want it to recognize. If this does not bear results, you don’t have to record; all you have to do is present it with more pictures. And although this trick has been around for decades, it became more powerful only recently. This has resulted from the emergence of significantly distributed computer systems and neural networks. These machines are already taking over and controlling most of our online activities.
Some of these machines can learn to convert some languages instantly. Other forms include autonomous cars, which make use of this technology to prevent any accidents. Another type that uses this type of machine learning is the Google search engine. This new way of life has outperformed the old human-written rules. This means the role of conventional programmers has been overturned. Rather than taking control of creating the laws and feeding them into these machines, programmers now can only train the machine like pet trainers or parents. And just like any parent would direct their young, or a dog trainer would instruct their dog, this is all about what you need to do with these machines. Machines are portraying every aspect of human workers in the workplace.
And with these advancements in place, it is clear that automation is here to stay. In some companies, robots are taking over already, and the change seems to blend in quite well, which only indicates just how easy machines can take over jobs without inconveniences. These changes only mean one thing; we need to prepare for the future of automation because it is already here with us. But how do we get there? For many companies, this has become an irresistible strategy, and these firms are making the most out of tech with high-end products. But despite the high number of robots already in the workplace, the future is about man vs. machine. The best thing to do is look for ways in which humans can work with machines, which will help in making organizations intelligent and offer improved performance.
It is clear that most upcoming business models are finding it profitable to take advantage of the benefits that automation offers. Some of these establishments are making the most of machines to deliver value without necessarily relying on human based services. Most of these companies are leveraging technology to create networks that form the foundation of the organization’s success. This helps create revenue, not to mention the efficient use of assets.
This also proves that going robotic can always come with unprecedented advantages for startups. These aspects are rapidly becoming the new workforce models, most likely the essential approaches to understanding and adapting to automation. These models are coming in handy when it comes to getting the best out of one’s workforce, and most organizations are adapting to the new way of things. But this generation of talent requires an input of a diverse work environment and work location.
Since automation is increasingly gaining ground in the workforce, the best thing that humanity can do is prepare for the inevitable, uncertain future. These changes are already altering companies’ needs for space as well as the location of facilities and configuration of space among other aspects. Similarly, companies need to adapt to the need for increased flexibility, technology-readable facilities and access to new talents, to mention but a few. Apparently, automation is here to stay, and it only gets bigger, better, and stronger. Businesses have to remain agile enough and consider other aspects as well to retain a competitive edge in the market.